Suburban land hits market
Two large suburban sites are expected to attract interest from local developers as offshore buyers continue to dominate CBD locations.
The former Morrison Brothers Nursery and Orchard in Doncaster and a large former brick factory in Station Street, Nunawading, have been listed for sale.
The nursery on the corner of Williamsons Road and Henry Street is one of the last remaining infill residential sites in Doncaster and has been owned and run for the past 69 years by several generations of the Morrison family.
"This is the first time this property has been offered for sale since 1944," Colliers International's Peter Bremner said.
Mr Bremner and colleague Brett Griffith have been appointed to sell the 2.8-hectare site with Charter Keck Cramer's Bennett Wulff and Andrew Grant acting as transaction managers. The land had expectations up to $20 million, sources said.
Another large family-owned site in Nunawading was likely to fetch a similar amount, selling agent CBRE's Justin Clarkson said.
The 4.9-hectare Daniel Robertson brickworks site at 56-74 Station Street, held by the same family for 85 years, has been put on the market.
Mr Clarkson said the property, which is also being marketed by Knight Frank, fell within the Nunawading mega-mile structure plan and had the potential to be rezoned from industrial to mixed use.
Offshore developers have bought 97 per cent of CBD sites over the past two years, investing nearly $800 million, CBRE figures show.